The "future value" of a sum of money refers to:
A. the estimated value of that money invested in a stock portfolio at some future date.
B. the purchasing power of a given amount of money adjusted for price changes.
C. today's value of a sum of money to be received in the future.
D. the amount to which some current sum of money will grow over time.
Answer: D
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The Federal Open Market Committee of the Federal Reserve System is responsible for
A) maintaining competition among the nation's commercial banks. B) determining monetary policy actions. C) establishing the official price of gold. D) defining the foreign exchange value of the dollar.
The fact that the production function relating output to labor becomes flatter as we move from left to right means that
A) the marginal product of labor is positive. B) the marginal product of capital is positive. C) there is diminishing marginal productivity of labor. D) there is diminishing marginal productivity of capital.
Suppose the economy is initially in long-run equilibrium and then it experiences a supply shock in the form of sharply higher energy prices. Which of the following is true?
a. The short-run aggregate supply curve shifts leftward and the long-run supply curve shifts rightward. b. The short-run aggregate supply curve shifts rightward and there is a movement along the aggregate demand curve. c. The short-run aggregate supply curve does not shift and the long-run aggregate supply curve shifts rightward. d. The short-run aggregate supply curve shifts rightward but the long-run aggregate supply curve does not shift. e. The short-run aggregate supply curve shifts leftward and there is a movement along the aggregate demand curve.
Which one of the following is a part of our money supply?
A. Gold B. Credit cards C. U.S. Treasury bills D. Demand deposits